Open-source projects are sustainable models when there's a large enough user-base that are also devs that contribute to the project largely by own interest.
tbf this isn't true for the majority of open source projects. Even very popular ones end up abandoned or adopting weird licenses.
Prusa, Espressif, etc, show that what fails is not the "open-source" model but, again, not thinking in terms of profit. Open-sourcing can be immensely beneficial to business, if you think in terms of profit. I'm working on a technology project right know for a company, which is scheduled to be open-sourced for the sake of the business in the exact same way Joseph Prusa and Espressif already did and for the exact same reasons. Embracing profit saves even the "open-source" philosophy. Not thinking in terms of profit breaks the compass and causes such regrettable stories, unless you are considering the project strictly as a pass-time, in which case that's the limit, and it's to someone else to push it further if he wants to. If you clearly understand where you are pursuing or rejecting profit, it all falls in place by itself.
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